The terms of the transaction – which is subject to the satisfaction of certain conditions precedent, including certain regulatory approvals – were not disclosed.
Religare, the India-based diversified financial services group, had acquired a majority interest in Northgate in 2010.

Founded in 2000, Northgate is a venture capital and private equity firm with $4.8 billion in assets under management (AUM) on behalf of institutional and private investors in North America, EMEA and Australia. The firm makes both direct company venture capital investments, where it leverages its network of global relationships to create value for its portfolio companies, and indirect company investments by investing in venture capital and private equity funds.

Its portfolio includes startup companies across multiple verticals including Telecom, Fintech and Media. Northgate portfolio companies have had multiple IPOs and successful exits.